Posts tagged with "Cyprus economy"

September 22nd, 2017IMF representatives start today consultations with the government of Cyprus, focusing on the reduction of excessive private and public debt and the management of non-performing loans.
Article IV Consultations are an established practice taking place every two years. This year’s consultations will conclude on October 4, 2017.
...

August 13th, 2017By George Koumoullis
IT IS SAID the biggest robbery of all time in in real terms – that is taking into account inflation – was carried out in 1990 when John Goddard, an English messenger, was robbed at knife-point of Bank of England Treasury bills and certificates of deposit from banks, worth a total £292 million.
This robbery...

April 7th, 2017THE chairman of the euro area finance ministers, Dutchman Jeroen Dijsselbloem, said that the economic performance of Cyprus is “very strong and very good” and that growth may exceed 3 per cent this year.

March 23rd, 2017We are on our way towards re-establishing full confidence in Cyprus by the international investor community, President Nicos Anastasiades said on Wednesday night, speaking at the Invest in Cyprus Forum, in New York attended by dozens of business people and investors from Cyprus, Greece, the US and other countries.
Anastasiades...

December 15th, 2016The European Commission said that as economic growth picks up, the pace of structural reforms in Cyprus has slowed and that the island has practically done little to address macroeconomic imbalances, including implementing existing, or introducing new measures to tackle bad loans.
“It is crucial to renew the reform momentum,...

October 30th, 2016
By Dario Pontiggia
THREE years after stepping back from the brink of bankruptcy, the Cyprus economy has returned to real growth, with deflation abating. On the supply side, internal devaluation has resulted in lower unit labour costs and the prolonged and sustained fall in the price of oil has resulted in lower...

October 18th, 2016PRESENTING the state budget for 2017 at the House finance committee yesterday, Finance Minister Harris Georgiades, was his usual cautious self, repeating his message that we should not get carried away by the improved indicators of the economy. The high rate of growth, expected to be close to three per cent, and the balanced budget did...

August 2nd, 2016THE GOVERNMENT has a tendency to gloat after a successful bond issue, which is understandable considering Cyprus had no access to the markets when it came to power in 2013. It considers its ability to borrow from the markets, with some justification, a major achievement adding substance to its claim that the economy was well on the path...

June 9th, 2016By Leslie G. Manison
With the exit from the economic adjustment programme agreed with the International Monetary Fund (IMF) and European Union (EU) institutions in March 2016, and the recent election of new House of Representatives, key decision-makers in the executive and legislative branches of Government will need to effect...

March 16th, 2016By Stelios Orphanides
Fitch Ratings, one of the three main rating companies, said that Cyprus will not require support from the European Central Bank’s public sector purchase programme in order to maintain market access after completing its economic-adjustment programme this month.
Fitch, which upgraded Cyprus’s sovereign...

March 3rd, 2016Consumer prices fell in February 2.6 per cent compared to the respective month of 2015 after they fell an annual rate of 0.8 per cent mainly on reduced energy prices, the statistical service said.
In January to February, the deflation was as a result 2 per cent, Cystat said in a statement on its website on Thursday.
In February,...

February 24th, 2016By Stelios Orphanides
While Cypriot banks are “gradually recovering” with both liquidity and solvency improving last year when the economy performed better than expected, the financial system continues to face challenges, including geopolitical events in and out of the European Union, the central bank said.
“The banking...

January 5th, 2016HOW REASSURING it was to read Sunday’s article by Finance Minister Harris Georgiades about the lessons we should have learnt from the meltdown of the economy. Someone had to bring up the subject of how our politicians and bankers had led the economy to collapse, in the hope that the same mistakes will not be repeated, especially as the...

November 25th, 2015By Andria Kades
THE government is trying to sway the public with misinformation, telling people things are getting better when in fact the rich get richer and the poor poorer, AKEL’s general secretary Andros Kyprianou has said.
In a damning speech, he said 70,000 people in Cyprus were without a job and a whopping 240,000 live...

March 6th, 2015By Michele Kambas and John O'Donnell
Cyprus hopes to borrow on financial markets this year, its finance minister told Reuters on Thursday, saying the island's economy had more in common with bailout turnaround Ireland than Greece.
Harris Georgiades said Ireland, which reformed after near bankruptcy, was a role model as Cyprus...

September 21st, 2014President of the Republic of Cyprus Nicos Anastasiades has expressed hope that Cyprus will be able to exit the bailout programme by the end of 2015.
Speaking at an event hosted in his honour in London by the Greek Cypriot Brotherhood, President Anastasiades also referred to the Cyprus problem, saying that it was necessary to enter a...

August 7th, 2014THE GENERAL government debt remained stable at €18.56 bln at the end July 2014 (preliminary data) compared with the of December 2013 when it was €18.4 bln., figures released by the finance ministry on Wednesday showed.
Average short term debt yields continued to drop in June and July with short term rates falling at 4.22 per cent...

June 19th, 2014By Staff Reporter
YESTERDAY’S €750m eurobond issue was a decisive step towards a “systematic” return to international markets after a three-year exclusion, finance minister Harris Georgiades said yesterday.
“This issue means that we will be able to refinance a significant part of the present domestic debt and achieving a...

May 1st, 2014By Staff Reporter
A YEAR has passed since the Eurogroup decision on a bailout plan brought the island to its knees and the banks into a freefall, and a pair of encouraging announcements yesterday suggest that the economy might be on a path to recovery.
Biggest lender Bank of Cyprus said that its board approved the release of some...

April 2nd, 2014By Staff Reporter
DESPITE the expected stabilisation and minor recovery of the economy, the increase in the gap between rich and poor and the downturn in the real estate market are likely to continue, according to the latest Cyprus Economy and Real Estate Forecast conducted by Leaf Research.
With regard to real estate, an increase...

March 13th, 2014By George Psyllides
THE Cyprus economy and the banking sector will win back their credibility, the Central Bank (CBC) governor-designate Chrystalla Georghadji said yesterday, a month before officially becoming the first female top banker in the eurozone.
“I am convinced that we can and will succeed in regaining the credibility of...

February 17th, 2014CYPRUS economy has been proved more resilient than expected, said vice-president of the European Commission Olli Rehn on Monday, expressing his confidence that the authorities will continue to ensure that it remains so.
Olli Rehn was talking at a press conference in Brussels following the Eurogroup meeting which dealt with countries...

December 24th, 2013By Angelos Anastasiou
ALMOST everyone surveyed in the latest Eurobarometer report on Cyprus believes the economy is in ‘bad’ or ‘very bad’ shape but there was that 3.0 per cent who thought it was ‘good’ or ‘very good’.
The survey was conducted on behalf of the European Commission from November 2 to 17 using...

November 26th, 2013By George Psyllides
FAITHFUL implementation of the bailout agreement was the only way to restore confidence in the island’s economy, which had been left to follow an unsustainable course for years, President Nicos Anastasiades said on Monday.
“The economic growth we enjoyed until recently was without precedent,” Anastasiades...

November 17th, 2013FINANCE Minister Harris Georgiades believes Ireland’s successful exit from its adjustment programme could serve as an example for Cyprus and if we continue our current course “like Ireland and Spain, we can return to normality”.
His comments came at the end of the latest troika visit, which concluded that Cyprus would see its...

By continuing to use the Cyprus Mail, you agree to the use of cookies. more information

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.